Cap Hill apartment building trades hands for $12M

dwell apartment building

The Dwell apartment building at 660 Pennsylvania St. sold for nearly $13 million. (Kailyn Lamb)

For the fourth time in a decade, a Capitol Hill apartment building has swapped owners.

An LLC managed by a Boulder doctor paid $12.85 million for the 56-unit Dwell apartment building at 660 Pennsylvania St. near Sixth Avenue. It traded last year for $11.75 million, putting this recent deal at a 9 percent premium.

The 1960s vintage building includes a small pool and has sold four times in 10 years.

The most recent seller was an LLC managed by Jason McCool, which was represented by Nick Steele and Jacob Steele with Marcus & Millichap. The buyer was an LLC managed by Boulder doctor Randal Bjerke and received a loan from Chase Bank.

The building has only one vacant unit, according to a leasing representative. A studio at Dwell rents for $1,000 per month.

Sales history:

2017: $12.85 million

2016: $11.75 million

2014: $7.65 million

2007: $4.6 million

2000: $3.9 million

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